Companies have to find new ways to be trendy with Generation Z. That is clear. Unfortunately, classic economic theories do not often work with Generation Z. That is why the approach can sometimes be rather unconventional.
1. supply and demand
The classic supply-and-demand model says that a company should always match their supply to the demand of their product or service. However, this is not the best way to be successful with Gen Z. They like uniqueness and individuality. They are into uniqueness and individuality.
This is where the scarcity strategy intervenes. This can occur naturally or be artificially induced. The latter is often implemented by luxury product manufacturers by creating a „limited edition“. This psychological phenomenon is even more pronounced in Generation Z, as they like to post these rare products on Instagram to make their „personal brand“ unique.
Supreme shows the way
One brand that takes advantage of this buying behaviour is Supreme, for example. They do limited „drops“ of their products. This means that they release a limited amount of products at a certain time.
These will only be available sporadically afterwards. This makes their products so sought after that their website sometimes crashes during the „drops“. Even items like ordinary T-shirts sell out within minutes, sometimes even seconds.
2. doing one’s own thing
People who confidently stand out from the crowd are in the spotlight, and so it is with brands. Companies should venture out of the mainstream in order to generate attention.
Creating something different and unique means that a company is no longer just a „normal“ brand, but becomes a brand name – a name that Gen Z knows and can identify with. To achieve this, a product must be made that is truly unique and desirable. A task that is extremely difficult in today’s fast-moving market.
Brand identity as an alternative
However, there are other ways to be unique. One of them is to create a distinct and authentic brand identity and story, and then celebrate it in advertising and marketing.
But before that, it is important to find out what makes one’s own brand special. Then this special feature is placed at the centre of marketing activities. Generation Z wants to be „in“ and stand out from others.
So make yourself known as the bold and unique choice over the boring mainstream brands and watch Gen Z customers flock to your shop. Founder of the „1% for the Planet Movement“, Patagonia developed the entire brand around their mission statement „We’re in the business to save our home planet“.
3. Influencers and brand ambassadors
Collaborations between brands and famous people are more important than ever. There are various examples such as LeBron James and Nike or George Clooney with Nespresso. Of course, with sufficient financial resources, this is the right strategy to appeal to the masses.
Collaborations between brands and famous personalities are more important than ever. There are various examples such as LeBron James and Nike or George Clooney with Nespresso. With sufficient financial resources, this is of course the right strategy to appeal to the masses.
Conformity of values
The key to this marketing strategy is that the influencer’s personal brand and the brand’s product strategically match. Otherwise, your product will quickly be labelled as fake and inauthentic.
A good example is the watch brand Daniel Wellington, which became a world-famous brand by working with micro-influencers.
4. Back to the future
In their search for unique brands and products, Gen Z sooner or later comes across old brands that have „stopped“ somewhere along the way and thus lost awareness. But it is precisely this lack of awareness that is now bringing them back to life.
Brands like FILA, Champion, Kappa and Guess have become established streetwear brands again in recent years. Ultimately, nostalgia marketing campaigns also work because they are associated with positive memories and beloved ideals from the past.
These strategies allow customers to relive their best moments while ignoring the eventual stress, responsibility and chaos that plagues us in the present. In an age of hyper-connectivity, it allows nostalgia brands to humanise and create the sense of satisfaction we all feel when reflecting on our past.
Remaining true to the roots
A good example of this was shown in the UNiDAYS study, which found that more than 70% of Gen Z prefer a physical book to an e-reader. The reason they gave was that reading is often seen as nostalgic and traditional.
So if a company has fallen out of Generation Z’s field of vision, you should think twice about rebranding. Because staying true to your roots and turning weaknesses into strengths has its advantages.A brand is not old-fashioned. It is vintage – and vintage is in.